Egypt's budget deficit almost stabilized during July-October 2014/2015 to 3.6 percent reaching LE84.5 billion, compared to 3.7 percent (LE74.6 billion) during the same period a year earlier, the Finance Ministry said in new report on Monday.
"This was mainly due to a higher increase in revenues as percent of GDP (recording 4.3 percent, compared to 4.1 percent during the same period last year)," the financial monthly bulletin reported for November 2014, reported.
Meanwhile, expenditures rose slightly to 7.9 percent of GDP during the period of study compared to 7.8 percent during the same period last year the report added.
On the revenue side, total revenues were recorded at LE100.9 billion (4.3 percent of GDP) during July-October 2014/2015, increasing notably by around LE 19.0 billion (23.2 percent growth) compared to same period last year.
The recorded increase is principally due to the 26.8 percent increase in tax revenues to record LE71.4 billion, in addition to the increase of non-tax revenues by 15.4 percent to record LE29.5 billion.
On the expenditures side, total expenditures were recorded at LE183.7 billion (7.9 percent of GDP) during July-October 2014/2015, increasing by around LE28.9 billion (18.6 percent growth) compared to same period last year, mainly due to the increase in wages and compensation of employees by LE9.3 billion (16.2 percent) to LE66.4 billion (2.9 percent of GDP).
The increase in expenditures were also credited to an increase in interest payments by LE4.7 billion (9.4 percent growth) to reach LE55.0 billion (2.4 percent of GDP).
The main factor in the increase, however, the report said, was due to the increase in subsidies, grants and social benefits by LE7.7 billion (30.8 percent growth) to reach LE32.7 billion (1.4 percent of GDP).
